Russia may cut holding in VTB Bank to blocking stake by 2013-2015

The Russian government may cut its holding in state-owned VTB Bank, the country's second biggest lender by assets, to a blocking stake in 2013-2015, an Economic Development Ministry official said on Thursday.

The Russian government may cut its holding in state-owned VTB Bank, the country's second biggest lender by assets, to a blocking stake in 2013-2015, an Economic Development Ministry official said on Thursday.

"In relation to VTB, we are offering the following scheme: we'll sell 10 percent in 2010, another 10 percent in 2011 and 15 percent minus one share in 2012. Therefore, the government will keep a controlling stake in 2013. But from 2013 to 2015, the government may cut its interest in VTB to a blocking interest," said Alexei Uvarov, director of the ministry's property relations department.

The Russian government currently owns 85 percent of VTB.

The plans are stipulated in the government's program of privatization for 2011-2013, Uvarov said.

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